I wish to sublet my leasehold flat in Waterbeach. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Notwithstanding that your last Waterbeach conveyancing solicitor is not available you can check your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek permission via your landlord or some other party prior to subletting. This means that you cannot sublet without first obtaining consent. Such consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you should ask your landlord for their consent.

I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Waterbeach. Conveyancing advisers have not yet been instructed. Will they explain the issues?

Most houses in Waterbeach are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Waterbeach so you should seriously consider looking for a Waterbeach conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I am attracted to a two maisonettes in Waterbeach which have about forty five years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Waterbeach is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Waterbeach conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

We expect to complete the sale of our £275000 garden flat in Waterbeach in 10 days. The management company has quoted £300 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Waterbeach?

Waterbeach conveyancing on leasehold flats typically necessitates fees being levied by managing agents :

• Completing pre-exchange questions
• Where consent is required before sale in Waterbeach
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Waterbeach leasehold premises is £350. For Waterbeach conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

In relation to leasehold conveyancing in Waterbeach what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Waterbeach. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the property
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

Waterbeach Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying

Please note if it is fewer than 80 years it will affect the marketability of the property. Check with your bank that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of how much this will be. For most Waterbeachlease extensions you would need to own the residence for a couple of years before you are eligible to extend the lease. How is the lease structured? Does the lease include onerous restrictions?

Other Topics

Lease Extensions in Waterbeach